Ontario Establishes C$650 Million Fund for Clean Cars, Fuels and Tech; Targets 80% Reduction in GHG by 2050
Ontario Premier Dalton McGuinty announced the establishment of a new C$650-million (US$612 million) fund which will be available to companies looking to invest in the development of clean cars, clean fuels, and clean technologies and products. Separately, he announced greenhouse gas reduction targets of 80% from a 1990 baseline by 2050.
The fund will be modeled after the $500 million Ontario Automotive Strategy which helped to leverage more than $7 billion in total new auto investments in the province over the past four years.
To bid for financial support from the fund, companies will have to demonstrate they can:
Secure good jobs for Ontarians;
Reduce greenhouse gas emissions;
Help establish Ontario as a global leader in an emerging market;
Build on existing expertise in areas in which Ontario has a strong research and commercial base or create new expertise; and
Create synergies among researchers, business people and entrepreneurs.
The approach is tried and true: we know we can attract investment and create and keep good full-time jobs by working with companies that are looking for the most aggressive and innovative places in North America. What’s new is designing a fund specifically to develop and manufacture green technologies and products across all sectors. There are people out there who claim you have to choose between a strong economy and a clean environment. We understand that, in today’s world, to grow your economy you must green your economy.—Ontario Premier Dalton McGuinty
The day prior to the announcement of the new fund, Premier McGuinty announced targets for the reduction of greenhouse gases:
6% below 1990 levels by 2014, or 61 megatonnes
15% below 1990 levels by 2020, or 99 megatonnes
80 per cent below 1990 levels by 2050
To achieve its 2014 targets, the government will finish the job of closing down Ontario’s coal plants and carry out its existing policies, which would account for more than 50% of all targets.
About 15% will come from transit investments and working on initiatives with the federal government and other partners, including strong, national fuel-efficiency and auto emissions standards.
Some 15% will result from policies recently or soon to be announced in Ontario, including home audits and incentives for municipalities to reduce their greenhouse gas emissions.
The remaining portion will come from research and innovation into new technologies which would fight climate change and strengthen the economy.
The government will use a similar approach to meet its targets for 2020 and 2050.
(Hat-tips to Neil and Bob!)